A Fidelity fund has again downgraded its stake in the Elon Musk-owned social media platform Twitter, bringing the value down to around one third of what the billionaire paid for the company, reported Bloomberg.
This is the third time Fidelity has lowered the value of its stake in Twitter after Musk took over the company in October.
The value of the fund’s stake in Twitter was around $6.55 million in late April, reported Reuters. Musk paid $44 billion to acquire Twitter after a legal battle where he tried to remove himself from the deal.
Since the tumultuous takeover that was followed up by laying off a large proportion of the platform’s workforce, the company has faced challenges in monetising the app’s free features. The firm has also faced criticism on how it addresses censorship by authoritarian governments, and hate speech.
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In May, Musk announced that he would be stepping down from his role as Twitter’s CEO. He appointed former NBCUniversal advertising chief Linda Yaccarino as his successor.
Twitter has become part of Musk’s X Holdings Corp.
